Taras Treasures Inc. is a publicly traded company that develops, manufactures, and distributes professional quality exercise equipment. The firm was established in 1965 in Burlington, Vermont and went public in 1975. Sales were initially from only the Northeast region of the United States, but since going public the company has grown significantly and now supplies exercise equipment in all fifty states. In 2015 the company reported a market capitalization of $950 million. Recently, the company has decided to enter the INTERNATIONAL Market in order to enhance their growth potential. Taras Treasures, Inc.s CFO, has been with Taras Treasures, Inc. for 20 years and has held the position of CFO for the past 5 years. Your Role: Assume that you are the Financial Accounting Controller for Taras Treasures, Inc. You report directly to the CFO. Recently, the CFO came to you with an article that he found on CFO.com that deals with adoption of International Financial Reporting Standards (IFRS). The CFO wants to know more about the implications of IFRS adoption. Specifically, he has asked you do some research and find answers to the following questions: 1. What are the primary benefits of IFRS adoption for US firms in general? Describe at least three benefits. 2. What are the primary costs of IFRS adoption for US firms in general? Describe at least three costs. 3. The CFO does not understand how IFRS differs from current US GAAP. Briefly describe the differences between GAAP and IFRS and in support of your analysis include two areas of Taras Treasures financial statements that could be reported differently under IFRS. 4. Based on your research, do you think that Taras Treasures should be in favor of or opposed to IFRS adoption and is there any plans they should be making to prepare for the consequences.